The National Security Act of 1947, as amended in 1949, requires that the Secretary of Defense shall have the records of the fixed property, installations, major equipment items, and stored supplies of the Military Departments maintained on both a quantitative and monetary basis, so far as practicable, and the Secretary shall report once a year to Congress and the President of property records maintained under this section. However, the general sources or property inventory data were the General Services Administration for real property data and the Treasury Department for personal property data. Methods for the evaluation of Department of Defense property generally fall into two groups. Acquisition cost is applied to land, buildings, and long life equipment such as ships; standard price is applied to other property items, except for major equipment in the supply system. A variant of the standard price is applied to major equipment items, the value of which is normally derived from the unit cost of each item based on the most recently executed contract for large quantity production. The value of construction in progress is based on the cost of material and labor already utilized in projects under construction. Only data on military property controlled by the Department of Defense are included in the totals of this report.